- BlackRock IBIT reached its highest daily volume of $4.1B on US presidential election day.
- The U.S. spot Bitcoin ETFs recorded $621.90 million in net inflows on Nov 6.
The victory of Donald Trump in the U.S. presidential election race has impacted the broader financial markets. Particularly, the cryptocurrency market and the related investment products.
With Bitcoin (BTC) surging past $76K, the US spot Bitcoin ETFs have witnessed an escalation in trading volumes and inflows. Notably, BlackRock’s Bitcoin ETF, IBIT, reached its peak trading level, recording an all-time high daily volume of $4.1 billion. Notably, the volume of IBIT reached $1 billion in the first 20 minutes of the trading day that opened after Trump’s victory.
Eric Balchunas, Bloomberg ETF analyst, reported the enormous volume of IBIT. Moreover, cited that it surpassed the trading volumes of major stocks such as Berkshire Hathaway, Netflix, and Visa.
Nate Geraci, President of ETF Store, predicted that the daily net inflows into spot Bitcoin ETFs could top $1 billion by the end of the week, suggesting that the market might be on the verge of exceptional performance.
Inflows into Bitcoin ETFs
The US Spot Bitcoin ETFs recorded daily net inflows on November 6, with a total of $621.90 million entering the funds. Spot Bitcoin ETFs like Fidelity’s FBTC led the inflow with $308.77 million added to its holdings.
Followed by ARK 21Shares’ ARKB, Grayscale Bitcoin Mini Trust, and Bitwise BITB with inflows of $127 million, $108.81 million, and $100.92 million, respectively. Besides, Grayscale’s GBTC and VanEck’s HODL registered moderate inflows of $30.91 million and $17.18 million, respectively.
On the other hand, BlackRock’s iShares Bitcoin Trust confronted outflows of $69.11 million, deviating from the positive momentum observed across the range of spot Bitcoin ETFs.
In addition, The US Spot Ethereum ETFs posted positive net inflows. On November 6, Ethereum ETFs had a combined total of $52.29 million in inflows, with Grayscale’s mini trust and Fidelity’s FETH securing $25.39 million and $26.90 million, respectively.
